Miniso has unveiled a new “X strategy” business plan to diversify its business and launch multiple brands this year.
The Chinese discount variety store said it will focus on the toy market this year with “Art Toy” as a new strategic product category. The retailer entered the toy sector last year with its new sub-brand “TopToy”, with nine new stores.
The brand will also ramp up its expansion plan in China and overseas with focus on digitalisation. As China is in recovery post Covid-19, Miniso said it will expand its footprint domestically, mostly in Tier 3 cities and even rural areas.
As part of its digitalisation strategy, Miniso will launch unmanned stores in China, with products also soon available on all online channels including its self-owned online stores, WeChat mini-programs and flagship stores on major e-commerce platforms.
Miniso’s international expansion plan will see the opening of stores in high-populated countries, including India, Indonesia, the US, Mexico and Spain.
“Covid-19 is a catalyst that has accelerated our digital transformation and embrace of online channels,” said Robin Liu, chief marketing officer of Miniso. “We will keep broadening our online sales channels.”